Daily Management Review

Chinese Business And Investments Targeted By UAE’s $8b Tech Industry


07/23/2018




Chinese Business And Investments Targeted By UAE’s $8b Tech Industry
Dubai is fast turning out to be an attractive trade and investment destination for Chinese investors who are seeking a chance to be a part of the fast-evolving tech industry there. There are a number of driving factors for this which include a flourishing technology industry, expanding bilateral ties with China, and the most recent decision of the UAE government to permit 100 percent foreign ownership for some onshore industries. In 2017. According to the Ministry of Economy, in 2017, the trade between UAE and China stood at almost $53.3 billion (Dh195.8 billion).
 
It is projected that there would be a 5 per cent annual growth in the domestic IT market of the UAE in the five-year period between 2017 and 2022 form the current value of nearly $8 billion (Dh29 billion) according to estimates of the International Data Corporation (IDC). There is also an increasing rate of student migration and tourism inflow in to the country from China driven by a high quality of life, great opportunities for educational and career growth and legislations supporting business. compared to the third quarter of 2016, there has been an increase of 49 per cent in the number of Chinese visitors rose to the country at 573,000 according to the Dubai Statistic Centre. This has increased the opportunity for the growing local Chinese community to get associated with the tech industry in the UAE.

At the forefront of this development is the Dubai Internet City (DIC) – which is a center for specialised technology and business community in the region. The DIC has been built with active participation by Chinese companies such as Huawei, nionPay, China Telecom Middle East and Oceanblue Cloud.
 
“China has long been one of the UAE’s most important international trading partners. As our local tech industry matures amid game-changing reforms in our trade and investment laws, we are confident that Chinese citizens will find a wealth of investment and employment opportunities to explore here in Dubai”, says Ammar Al Malik, Executive Director of Dubai Internet City:
 
Dubai wants to be the global powerhouse for innovation and the next few years will be very crucial, he said. That efforts is being supported by the government which is helping industries to achieve the next stage of growth - “from the roll-out of ultra-fast 5G mobile internet networks in 2019, to the announcement of the Dubai Blockchain Strategy, which aims to move half of all government transactions to the blockchain by 2021 – and we look forward to leveraging these opportunities in partnership with our Chinese counterparts”, Malik said.
 
According to Li Xiangyu (Spacelee), Vice President, Public Affairs and Communications, Huawei Middle East, the company is very happy with the environment that has been provided to it in eth Emirates for the fulfillment of its ethos to innovation and knowledge sharing. “The UAE government, as well as our local partners and customers, have demonstrated that they share our relentless drive for innovation and exploration, and thanks to them we are making huge strides in our vision to bring digital to every person, home and organization for a fully connected, intelligent world”. he said.
 
(Source:saudigaqzette.com)






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